The rapid growth of technology and innovation-driven companies in Zhejiang province has provided key support for the recent rally in China's stock market, the country's central bank governor said.

Pan Gongsheng, governor of the People's Bank of China, made the remarks on Saturday while attending a deliberation with deputies from the delegation of Zhejiang province during the fourth session of the 14th National People's Congress, according to a report by Securities Times.

On monetary policy, Pan reiterated that the central bank will continue to pursue a moderately accommodative policy stance and maintain relatively loose financing conditions.

He noted that financing costs in China are currently at historically low levels, and that the central bank will strike a balance in policy implementation.